Before you can get a loan on a home, you have to go through a process called loan origination.
Loan origination actually refers to several steps—the first being the submission of your information to the lender, the second being the review of that information, the third being the possible approval of the loan (or the decline, which may or may not include a request for clarification or new conditions to be met).
Read more...It can be overwhelming trying to calculate how much house you can afford, especially if it’s for the first time. There are so many factors to take into account that it can be tough to know where to begin.
There’s a good general rule of thumb, though, for figuring out how much house you can afford, and it’s the same one that lenders use when they try to figure out whether to give you a loan or not. That rule of thumb is called your debt to income ratio.
Your debt-to-income ratio is simply the difference between how much you make each month and how much you spend each month.
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